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Charleston SC Mortgage Rates Near Record Low

Mortgage Lenders Charleston, SC

What to Know How Much You Can Afford?

The average U.S. rate on a 30-year fixed mortgage has fallen to near its record low set earlier this month bringing down the rates for those of us here in Charleston, SC as well.The rate on the most popular mortgage dipped to 3.37% from 3.39% last week, mortgage buyer Freddie Mac said Thursday. Two weeks ago, the rate reached 3.36%, its lowest level on records dating to 1971.The average rate on the 15-year fixed mortgage, often used for refinancing, set a record low of 2.66%, down from last week’s 2.7%.Cheaper mortgages are helping fuel a modest but steady housing recovery, coupled with falling inventory the Charleston SC housing market has seen a dramatic uptick in recent months.The average rate on the 30-year loan has remained below 4% all year. And rates have fallen even further since the Federal Reserve started buying mortgage bonds in September to try to encourage more borrowing and spending.The Fed said it would continue buying bonds until the job market shows substantial improvement. When home prices rise, people tend to feel wealthier and spend more freely. And consumer spending drives nearly 70% of economic activity. Charleston, SC real estate agent and ex-mortgage professional states:  ” be prepared for mortgage rates to eventually increase as soon as the fed realizes they can’t afford to continue to purchase bonds in order to fund the housing market recovery.  A natural housing recovery not based on artificial measures is what will achieve a proper recovery; buying bonds is simply a band-aid”.Home sales have risen from last year, and prices are rising more consistently in most areas. Charleston SC home builders as well as those around the U.S. are more confident and starting more homes. Lower rates have also persuaded more people to refinance. That typically leads to lower monthly mortgage payments and more spending.Not only builders in Mt. Pleasant SC, but also throughout the nation last month started construction on single-family houses and apartments at the fastest rate in more than four years, the Commerce Department said Wednesday. And they laid plans to build homes at an even fast pace in coming months — a signal of their confidence that the housing rebound will last.Other recent reports have shown marked improvement in the housing market five years after the bubble burst.Still, the housing market has a long way to a full recovery. And many people are unable to take advantage of the low rates, either because they can’t qualify for stricter lending rules or they lack the money to meet larger down payment requirements.To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.The average fee for 30-year loans was 0.7 point, unchanged from last week. The fee for 15-year loans also held steady at 0.6 point.The average rate on a one-year adjustable-rate mortgage edged up to 2.60% from 2.59%. The fee for one-year adjustable rate loans was stable at 0.4 point.The average rate on a five-year adjustable-rate mortgage rose to 2.75% from 2.73%. The fee was unchanged at 0.6 point.

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Some Content By: USAToday.com
 

Mortgage Rates in Charleston, SC Stay Low – Lenders, Banks

CHARLESTON, SOUTH CAROLINA – Average mortgage rates on fixed mortgages fell this week and are just slightly above record lows reached earlier this year. The low rates have contributed to a modest housing recovery.

GSE Freddie Mac said Thursday that the rate on the 30-year loan declined to 3.59%, down from 3.66% last week. Five weeks ago, the rate fell to 3.49%, the lowest since long-term mortgages began in the 1950s.
Mortgage Lenders Charleston, SC

Latest Mortgage Information, Rates, News, Trends, Calculators

The average on the 15-year fixed mortgage, a popular refinancing option, slipped to 2.86%. That’s down from 2.89% last week and from the record low of 2.8% five weeks ago.Cheap mortgages are a key reason the housing market is finally started to rebound five years after the bubble burst. However, another large factor is banks are not releasing the foreclosed homes they have on their books, and are sitting on them thus reducing the inventory and increasing demand. Sales of newly built and previously occupied homes are well above last year’s levels. Prices have increased consistently, largely because the supply of homes has shrunk while sales have risen. And Charleston SC builder confidence is at its highest level in five years, mean while home builders in areas like Mount Pleasant, SC are seeing very good signs of growth. Scott’s Creek in Mount Pleasant, SC neighborhood has 18 homes under construction currently and more under contract.Still, the  Charleston SC housing market has a long way back to full health. Some national economists forecast that sales of previously occupied homes will rise 8% this year to about 4.6 million. That’s well below the 5.5 million annual sales considered healthy. Many people are still having difficulty qualifying for home loans or can’t afford larger down payments required by banks. If you need help with home financing in Charleston South Carolina and need advice contact me at.

Charleston SC Mortgage Rates

National overnight averagesToday+/-
30 yr fixed mtg3.54%
15 yr fixed mtg2.89%
5/1 ARM2.86%
$30K home equity loan5.68%
$30K HELOC4.58%
About these rates
Mortgage rates in Charleston SC are low because they tend to track the yield on the 10-year Treasury note. A weaker U.S. economy and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.The average fee for 30-year loans was 0.6 point, down from 0.7 point last week. The fee for 15-year loans also slipped to 0.6 point from 0.7.The average rate on one-year adjustable rate mortgages fell to 2.63% from 2.66% last week. The fee for one-year adjustable rate loans was unchanged at 0.4 point.The average rate on five-year adjustable rate mortgages declined to 2.78% from 2.80%. The fee held steady at 0.6 point.
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